Construction work has started on the redevelopment of the Royal Albert Dock in London, with CITIC, the Chinese state-owned conglomerate, working for ABP, a major Chinese developer with a track record in transforming areas in need of regeneration.
Enabling works are underway to prepare for full construction by the end of the year. The £1.7 billion investment aims to turn the area into London’s third business district – the Asian Business District- with 4.7 million sq. ft. of office, retail and residential buildings as well as public outdoor spaces such as seven new public squares and a waterfront walkway.
It is intended that the development will become the headquarters of Chinese and Asian companies in Europe, enabling them to reach new markets and promoting trade between the United Kingdom and China. During the peak construction phase, it will provide 700 jobs; but in the longer term the business district could result in 30,000 jobs and generate £6 billion for the London economy.
The project has exceptional transport links, being situated just across the dock from London City Airport, and will be served by both the Docklands Light Railway and the nearby new Elizabeth Line. CITIC Construction is the main contractor, with Brookfield Multiplex confirmed as Principal Sub-Contractor for the 14 hectare site.